Tuesday's Winners & Losers: SanDisk - TheStreet

Tuesday's Winners & Losers: SanDisk

Shares fall 3.4% following comments by the company's CEO.
Author:
Publish date:

Shares of

SanDisk

(SNDK)

were down $1.01, or 3.4%, to $29.01 following comments by CEO Eli Harari at the JP Morgan Tech conference Monday. Harari reiterated his view that 2008 marks the low point in the NAND flash memory pricing cycle. He also said retail sales in the U.S. were soft in the first quarter through April and expressed caution regarding overall demand for consumer electronics.

Motorola

(MOT)

fell 38 cents, or 3.7%, to $9.82. The company's former strategy chief, Richard Nottenburg, who left Motorola Friday

took the helm

at

Sonus Networks

(SONS)

.

In earnings,

Medtronic

(MDT) - Get Report

added $1.02, or 2.1%, to $48.90 after sharing its quarterly results Tuesday. The medical device company said that factoring out restructuring and buyout charges it earned 78 cents a share on $3.86 billion in revenue in its fiscal fourth quarter. It surpassed expectations of analysts surveyed by Thomson Reuters who predicted 72 cents a share on revenue of $3.72 billion.

Looking ahead, Medtronic expects to earn between $2.94 and $3.02 a share for fiscal 2009, on revenue between $15 billion and $15.5 billion. Analysts had pegged $2.96 a share on $15.1 billion in revenue.

In analyst actions, Roth Capital initiated coverage on

Obagi Medical Products

(OMPI)

with a buy rating and a $14 price target. That stock was up 22 cents, or 2.9%, at $8.05.

Among the losers, Fremont, Calif.'s

Smart Modular

(SMOD)

lost 15.9% to $5.41. The semiconductor company lowered guidance for its fiscal third quarter. Smart Modular now expects revenue between $150 million and $155 million and non-GAAP earnings per share of 5 cents to 7 cents. Analysts surveyed by Thomson Reuters are looking for EPS of 17 cents and revenue of $164.9 million.

Chicago Heights, Ill.'s

Esmark

(ESMK)

, a steel services company, rose 16.9% to $18.00. The company defended its proposed merger with Essar Steel from objections by the United Steelworkers Union, saying it has obeyed conditions set forth in its collective bargaining agreement. Essar had previously offered $17 a share to buy Esmark.

This article was written by a staff member of TheStreet.com.